financetom
World
financetom
/
World
/
CANADA STOCKS-TSX ends lower after notching record intraday high; up 1.7% on week
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
CANADA STOCKS-TSX ends lower after notching record intraday high; up 1.7% on week
May 10, 2024 2:00 PM

*

TSX ends down 0.3% at 22,308.93

*

Index touches a record intraday high

*

Energy falls 1.2%; oil settles 1.3% lower

*

Canadian job gains top forecasts in April

(Updates at market close)

By Fergal Smith

May 10 (Reuters) - Canada's main stock index ended lower

on Friday as oil prices fell and stronger-than-expected jobs

data crimped expectations for Bank of Canada interest rate cuts,

with the index pulling back from an earlier record high.

The Toronto Stock Exchange's S&P/TSX composite index

ended down 66.9 points, or 0.3%, at 22,308.93, after

it touched an intraday record high of 22,470.27.

For the week, the index was up 1.7%, its biggest weekly

advance in nearly five months, as investors cheered rising

corporate profits and grew more hopeful that the Federal Reserve

would cut interest rates this year.

"We are in this mode where good might be better than great

when it comes to the labor market and economic growth data as

investors look at everything through the lens as to what it

means for central banks," said Angelo Kourkafas, a senior

investment strategist at Edward Jones in St. Louis, Missouri.

Canada's economy added five times the number of jobs that

were forecast for April and the unemployment rate unexpectedly

held at 6.1%, dampening market bets for a June rate cut.

Money markets see a 44% chance that the Canadian central

will ease next month, down from nearly 60% before the data.

Investors also weighed U.S. data that showed inflation

expectations moving higher in May.

The energy sector fell 1.2% as the price of oil

settled 1.3% lower at $78.26 a barrel on the prospect of

higher-for-longer U.S. borrowing costs, which could slow demand.

Technology was also a drag, falling 2%, as shares

of e-commerce company Shopify ( SHOP ) ended 5.6% lower.

Sun Life Financial ( SLF ) shares dropped 6.7% after the

life insurer missed core profit estimates for the first time in

12 quarters, while shares of CI Financial Corp ( CIXXF ) tumbled

12.1% after its quarterly results.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2025 - www.financetom.com All Rights Reserved